Mirae Asset, a Seoul-based financial group, is considering buying South Korean cryptocurrency exchange Korbit, the Korea Times reported on Monday. The company is in talks to acquire 92% of Korbit for as much as $97 million, according to the report, which cited industry officials.
Mirae Asset, which offers asset management, wealth management, investment banking and insurance, is a prominent company in traditional finance (TradFi) in South Korea. The acquisition would be its first involvement in a cryptocurrency-related business.
The Korbit exchange is the fourth-largest in terms of trading volume out of the six incorporated in South Korea, according to CoinGecko. Its 24-hour volume of $11.8 million is dwarfed by Upbit’s $1.2 billion and Bithumb’s $475 million. Coinone sits in third place with volume of $58 million.
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